Crypto Crime is getting Worse, what do we do? - page 12.

pinoycash

hero member

Activity: 1316

Merit: 514

Quote from: pelumi20 on May 16, 2019, 12:09:41 PM

Fraudulent activities continue to increase at an alarming rate in the cryptocurrency market. Investors are made to bleed by investing in fake ICOs. It's time we accept some level of regulations especially in the ICO market. These regulations will help curb this fraudulent activities as scammers will not be able to get approval for their projects and investors can safely invest in any ICO of their choice knowing that their investments is secured.

Not only ICO's and Scam Crypto MN projects.

Exchange closing down due to hack story and exit scam is the worst crime can every happen in the whole cryptocurrency market and the worst part is The owners, founders of these exchange hardly go to jail. Perfect example is cryptopia exchange, You can clearly see how they duped their users in believing they will comeback in full

pelumi20

member

Activity: 712

Merit: 15

SmartFi - EARN, LEND & TRADE

Fraudulent activities continue to increase at an alarming rate in the cryptocurrency market. Investors are made to bleed by investing in fake ICOs. It's time we accept some level of regulations especially in the ICO market. These regulations will help curb this fraudulent activities as scammers will not be able to get approval for their projects and investors can safely invest in any ICO of their choice knowing that their investments is secured.

Bonwin

member

Activity: 798

Merit: 38

Quote from: jdarren on April 30, 2019, 06:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html
What can we do to help stop these from happening and getting worse?

I think government intervention will mean a lot, although that is if cryptocurrency is still decentralized, atleast to maintain its sole purpose and vitality.
What i am saying invariably is if those exchanges can be fully registered with the government and every necessary document submitted in order to curtail any future occurrence of theft, the better.
Then all projects should also be under a regulatory body to avoid scam.

Chika08

jr. member

Activity: 544

Merit: 1

Cryptocurrency has not been the only place or institution that have experience hacks and money thefts. Many banks and some other financial institutions have lost way more than what crypto has to theft and hacks.

George Alex

jr. member

Activity: 41

Merit: 2

We can not avoid but to minimize the consequences By any means,the time we are discuss on how to prevent them, scammers also think of the new stricks to come with good example Binance Hack the method used it was the first time to be done just we have to take care at every point in an Online Business Especially in Cryptocurrency

robelneo

legendary

Activity: 3346

Merit: 1214

Quote from: jdarren on April 30, 2019, 06:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

There are two ways, first, we must educate ourselves, so we'll know when and what to invest and what we are looking for a coin to invest, second it's time we need some regulation if we are to move forward and people will not be leaving cryptocurrency because they have been scam

masterrex

full member

Activity: 1820

Merit: 107

Quote from: jdarren on April 30, 2019, 06:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

Yes we can avoid this scam to happen by doing some necessary precaution before we venture or invest in any particular crypto-currency base investment specially ICO's and because the trend is changing from the ICO's to IEO im sure those scambugs are finding another way how to scam the investors again. thats why invest wisely on IEO that offered by trusted and legitimate exchange.

Whosdaddy

hero member

Activity: 1148

Merit: 527

Quote from: jdarren on April 30, 2019, 06:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

Majority of them scammers are becoming experts in what they do, lol, they are becoming pretty bad and I have seen one scam project that was able to cloth themselves as the good guy and it was difficult for the investors to tell they were scammers and by the time they discovered that they are scammers it was very late, by then they have ripped everyone off a lot of money and they made off with it.

People has been asking this same question on how scammers can be stopped and no one has been able to give an answer to that and some say that the solution is allowing government to take over.

bitcoinmar

hero member

Activity: 812

Merit: 500

Quote from: calandra78 on May 14, 2019, 03:18:56 AM

Quote from: Nasonn on May 13, 2019, 05:13:29 PM

Crimes has continue to increase in crypto, just last week Binance was hacked which has left a lot to worry about in the wake. If Binance could be hacked, it goes to show how vulnerable we can be and the amount of effort scammers put in to perpetuate their crime.

That's no problem for people when keep it balance on the right place. This news for warning us to be carefull with what you has invested only. still crime aren't affected for people to buy some crypto when they belived the future.

Everything has been proven today despite the hacked case to 7000 BTC, but the market is still in a bull run. It continues like that even when Binance completes maintenance

Vaskiy

legendary

Activity: 2646

Merit: 1106

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: pinoycash on May 15, 2019, 01:43:10 PM

As Bitcoin goes mainstream hackers and criminals are always trying to make a living from cryptocurrency market. They will target exchanges, wallets, blockchains. Finding vulnerability and exploits that they can use for their hacking.

What we can do is to secure our wallet in a offline cold storage to make sure its out of reach from different cyber theft.

Yes, when the market reaches more users automatically the growth will be massive same will be the increase in number of hackers as well as criminal activities. When something is lost at times we were unable to contact or complain to the cyber security team in countries where cryptocurrency is illegal which is an added issue.

Maamejane

member

Activity: 378

Merit: 10

Decentralized Continuous Audit& Reporting Protocol

Its getting rampant and millions are always lost. The current trend is the hack that is happening to most exchange platforms. No where is safe so lets try to be careful with our choices and decisions when it comes to where we store our monies.

pinoycash

hero member

Activity: 1316

Merit: 514

As Bitcoin goes mainstream hackers and criminals are always trying to make a living from cryptocurrency market. They will target exchanges, wallets, blockchains. Finding vulnerability and exploits that they can use for their hacking.

What we can do is to secure our wallet in a offline cold storage to make sure its out of reach from different cyber theft.

MakeMoneyBtc

full member

Activity: 1092

Merit: 117

Honestly, I don't think we can do much about this other then put pressure on exchanges and online wallets to upragde their security levels. Hackers are everywhere and you gotta be sure they are not getting away easy because they know they have the advantage since they are the ones who are stealing from exchanges because of their bad security.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: BUK2016 on May 13, 2019, 05:21:39 PM

Well, crypto currency exchange company should try as much as possible to increase the security of their site in other in other to reduce attempt of been hack by hackers and by doing that the will protect the individuals who owns crypto currency on their site.

While that is common sense you are relying in the security of a third party to protect your coins and my question is, wasn't the goal of cryptocurrencies to avoid that? Any business that is holding your money for you and protecting it on your behalf is a bank regardless of the name of the business, so if you want to be 100% sure that your coins are protected then you need to do that yourself otherwise we are going to have the same problems we had with banks in the market of cryptocurrencies.

Inosend

copper member

Activity: 299

Merit: 1

There are crimes on other financial sectors that I know, I recently read an article which explained more on that and why they shouldn't make crypto theft look so serious. They can see all this data because of the transparency in crypto.

Samboo

member

Activity: 434

Merit: 10

www.thegeomadao.com

We should not do anything. Just we can be aware and have crypto knowledge. Becoming aware of scammers and hackers can reduce some amount of such incidents. For example, if you becomes aware of it, you can protect your savings or portfolios by placing extra cautions. We on the other hand can share our views about it on social media and help others become aware as well.

Kwansimaa

member

Activity: 238

Merit: 12

send & receive money instantly,with no hidden cost

I am sure developers are already aware of this and are putting in all the security measures to ensure that hackers are not able to gain access to exchange platforms and steal the monies of users. However we as individuals also need to advise ourselves and educate friends and families to stay safe when surfing the internet to prevent being phished. I am sure if we put all these in place the number of scams are going to reduce drastically.

Malsetid

hero member

Activity: 924

Merit: 502

CryptoTalk.Org - Get Paid for every Post!

Quote from: kennen1113 on May 14, 2019, 07:01:38 AM

Quote from: steveabrahams on May 14, 2019, 04:00:21 AM

Quote from: trauchot on May 14, 2019, 03:17:07 AM

Nothing depends from us, the most important thing for us is when we want to invest our money in some kind of new project, we have to completely study any company from scratch in order to protect ourselves and hope for the best, while the government will be engaged in fraudsters.

Actually we can warn people and investors to not invest on that kind of project. Spread the news to not invest into some project blindly without checking. Crypto crime is become worse since ICO become mainstream in 2018 and that's why there only a few project that can success.

Agree that we can alert and propagate to people about bad projects in the market but it is still not enough to help people get rid of these projects and criminals because similar projects are too much, we are not saints, we cannot update all projects, especially criminals who are becoming smarter. So, in this situation, I can only say that investors should be more careful, check everything that the project provides, if we have any doubts, stop immediately joining, for assets stored in the wallet, we should optimize security if possible, small mistakes can still make big mistakes

And the longer this goes, i'm pretty sure that these crimes, especially for security, will become more advanced. Good thing is that security measures are also being updated but it doesn't mean that wr can't do anything ourselves. Just be vigilant. For ourselves and for the community. It won't hurt if we report shady projects or post them in threads and discussions.

kennen1113

jr. member

Activity: 224

Merit: 3

Quote from: steveabrahams on May 14, 2019, 04:00:21 AM

Quote from: trauchot on May 14, 2019, 03:17:07 AM

Nothing depends from us, the most important thing for us is when we want to invest our money in some kind of new project, we have to completely study any company from scratch in order to protect ourselves and hope for the best, while the government will be engaged in fraudsters.

Actually we can warn people and investors to not invest on that kind of project. Spread the news to not invest into some project blindly without checking. Crypto crime is become worse since ICO become mainstream in 2018 and that's why there only a few project that can success.

Agree that we can alert and propagate to people about bad projects in the market but it is still not enough to help people get rid of these projects and criminals because similar projects are too much, we are not saints, we cannot update all projects, especially criminals who are becoming smarter. So, in this situation, I can only say that investors should be more careful, check everything that the project provides, if we have any doubts, stop immediately joining, for assets stored in the wallet, we should optimize security if possible, small mistakes can still make big mistakes

steveabrahams

sr. member

Activity: 1050

Merit: 254

Quote from: trauchot on May 14, 2019, 03:17:07 AM

Nothing depends from us, the most important thing for us is when we want to invest our money in some kind of new project, we have to completely study any company from scratch in order to protect ourselves and hope for the best, while the government will be engaged in fraudsters.

Actually we can warn people and investors to not invest on that kind of project. Spread the news to not invest into some project blindly without checking. Crypto crime is become worse since ICO become mainstream in 2018 and that's why there only a few project that can success.

Topic: Crypto Crime is getting Worse, what do we do? - page 12. (Read 13829 times)